We have created in America a permanent political class that has powerful incentives to remain in office and grow government. Protected from accountability by gerrymandered districts and financial support from special interests, its members at times actually defy their constituents, as they did on the illegal immigration issue in 2007 and the mortgage bailout bill in 2008. It's time to hold our politicians to account.

Thursday, October 14, 2010

The dollar hit a fresh 15-year low of 81.28 yen in Tokyo trading hours Thursday amid growing expectations that the US Federal Reserve will adopt further easing measures to boost the economy.

Markets are caught between speculation that the Fed will take action, weakening the dollar, and Japan's repeated threats to intervene again in currency markets to weaken the yen and bolster the greenback, dealers say.

A decision by Singapore's central bank to tighten monetary policy also added to the broader selling pressure on the US dollar, dealers said.

Japan stepped into currency markets in September for the first time in six years and has repeatedly warned it is ready to do so again if necessary to protect its export-led recovery.

Tensions have flared over the issue of currencies, which is set to dominate a Group of 20 summit of the world's top economies in South Korea next month as nations look to curb capital inflows and safeguard exports.

On Wednesday Japan said South Korea would face scrutiny over its repeated moves to weaken the won and called on China to act "responsibly" amid escalating fears of a global currency war.

Despite Japan having itself intervened, it argues that it acted only once to prevent rapid movement, while accusing South Korea of repeated interventions to weaken the won and suggesting Beijing has made slow progress with yuan reform.

About Me

A farm boy in Minnesota, I acquired my first rifle at 5 and my shotgun at 9. At 10, I was living in Duluth, in a tough neighborhood. So I sawed off the barrel of my rifle and whittled a pistol grip. The farm boy was now ready for life in the city. In the army I expanded my repertoire to the M1, the bazooka, machine guns and other things that make loud noises. It was a blast, and I didn't have to pay for the ammo. Along the way, I broke bones playng football and spilled blood on hockey rinks. No regrets. Sports were a blast. Still are. I spent two years at two elite universities, but got my education at the University of Minnesota. A career journalist, I loved my craft until it took up social emgineering in the mid-90s. An industry that had welcomed bright, witty and irreverent free-thinkers was suddenly filling up with not-so-bright leftist zealots on a mission. So I quit. Since then, I have skated, roller-bladed, skied, sailed, canoed, worked out, traced my family roots, honed my churlish side and set up this blog. The old instincts are coming back. Life is good.